Title 27 — Transportation
56 chapters · 1,818 sections in this title.
Ark. Code Ann. § 27-64-505 Election
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(a) (1) State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds shall not be issued under this subchapter unless the levy of the additional tax on distillate special fuel under § 26-56-802 and the authority of the State Highway Commission to issue the bonds fro…
Ark. Code Ann. § 27-64-506 Procedure for issuing State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds
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(a) Prior to the issuance of any series of State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds, the State Highway Commission shall adopt a resolution authorizing the issuance of the series of bonds. (b) Each resolution shall contain those terms, covenants, …
Ark. Code Ann. § 27-64-507 Terms of bonds
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(1) The State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds shall be subject to the following terms and conditions:(1) (A) The bonds shall be issued in series in amounts sufficient to finance all or part of the costs of construction and maintenance of highw…
Ark. Code Ann. § 27-64-508 Sale of bonds
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(a) (1) The State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds may be sold in any manner, either at private or public sale, and upon terms as the State Highway Commission shall determine to be reasonable and expedient for effecting the purposes of this sub…
Ark. Code Ann. § 27-64-509 Employment of professionals
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The State Highway Commission may retain any professionals necessary to accomplish the issuance and sale of the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds, including without limitation legal counsel, financial advisors, underwriters, trustees, payin…
Ark. Code Ann. § 27-64-510 Sources of repayment
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(a) The State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds shall be general obligations of the State of Arkansas secured and payable from the designated revenues and the general revenues of the state. (b) The bonds shall be payable first from the following…
Ark. Code Ann. § 27-64-511 Investment of proceeds
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(a) Designated revenues and proceeds of the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds held pending disbursement on highway improvements shall be invested by the State Highway Commission to the full extent practicable pending disbursement for the p…
Ark. Code Ann. § 27-64-512 Refunding bonds
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(a) The State Highway Commission may issue bonds for the purpose of refunding the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds previously issued pursuant to this subchapter if the total amount of bonds outstanding after the refunding is completed doe…
Ark. Code Ann. § 27-64-513 Tax exemption
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(a) All State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds issued under this subchapter and interest on the bonds shall be exempt from all taxes of the State of Arkansas, including income, inheritance, and property taxes. (b) The bonds shall be eligible to…
Ark. Code Ann. § 27-64-514 Powers of the State Highway Commission
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(a) All powers granted to the State Highway Commission under this subchapter are in addition to the powers of the commission under Arkansas Constitution, Amendment 42, and the laws of the State of Arkansas. (b) No member of the commission shall be liable personally for any reason…